1,671.00
-1.71%
Close of 9 Nov 2026, in ZAc
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At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 13.95bn
FY2016FY2025
Net income
ZAR 485.4m
FY2016FY2025
Free cash flow
ZAR 140.0m
FY2016FY2025
Shareholders' equity
ZAR 5.64bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 13.95bn | ZAR 13.29bn | ZAR 12.82bn | ZAR 12.37bn | ZAR 11.55bn | ZAR 10.26bn | ZAR 11.08bn | ZAR 10.61bn | ZAR 10.12bn | ZAR 10.10bn |
| Gross profit | ZAR 5.69bn | ZAR 6.09bn | ZAR 6.02bn | ZAR 5.71bn | ZAR 5.15bn | ZAR 4.56bn | ZAR 5.07bn | ZAR 4.04bn | ZAR 3.65bn | ZAR 3.82bn |
| Research and development | — | — | — | — | ZAR 34.5m | ZAR 28.2m | ZAR 28.9m | ZAR 33.0m | — | — |
| Operating income | ZAR 939.0m | ZAR 890.5m | ZAR 1.40bn | ZAR 1.16bn | ZAR 884.3m | ZAR 578.3m | −ZAR 564.5m | ZAR 619.1m | ZAR 443.7m | ZAR 746.3m |
| Net income | ZAR 485.4m | ZAR 504.4m | ZAR 715.1m | ZAR 727.3m | ZAR 519.9m | ZAR 319.4m | −ZAR 722.0m | ZAR 316.2m | ZAR 275.2m | ZAR 391.1m |
| Diluted earnings per share | 3.28 | 3.41 | 4.82 | 4.87 | 3.46 | 1.88 | -4.23 | 1.84 | 1.61 | 2.33 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 12.50bn | ZAR 12.00bn | ZAR 11.63bn | ZAR 10.26bn | ZAR 8.72bn | ZAR 8.03bn | ZAR 8.43bn | ZAR 9.88bn | ZAR 9.18bn | ZAR 8.71bn |
| Cash and short-term investments | ZAR 892.0m | ZAR 975.5m | ZAR 881.5m | ZAR 612.1m | ZAR 374.3m | ZAR 576.0m | ZAR 447.1m | ZAR 705.9m | −ZAR 9.2m | ZAR 405.7m |
| Total liabilities | ZAR 6.23bn | ZAR 6.14bn | ZAR 6.17bn | ZAR 5.39bn | ZAR 4.48bn | ZAR 4.12bn | ZAR 4.68bn | ZAR 5.35bn | ZAR 4.94bn | ZAR 4.69bn |
| Debt | ZAR 3.41bn | ZAR 3.35bn | ZAR 3.55bn | ZAR 2.94bn | ZAR 2.13bn | ZAR 1.98bn | ZAR 2.74bn | ZAR 2.83bn | ZAR 2.59bn | ZAR 2.41bn |
| Shareholders' equity | ZAR 5.64bn | ZAR 5.35bn | ZAR 5.03bn | ZAR 4.48bn | ZAR 3.91bn | ZAR 3.63bn | ZAR 3.49bn | ZAR 4.42bn | ZAR 4.13bn | ZAR 3.91bn |
| Shares outstanding | 148m | 148m | 148m | 149m | 150m | 170m | 171m | 172m | 170m | 168m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ZAR 883.9m | ZAR 1.79bn | ZAR 1.79bn | ZAR 745.1m | ZAR 863.4m | ZAR 1.81bn | ZAR 931.0m | ZAR 924.8m | ZAR 931.5m | ZAR 850.0m |
| Capital spending | −ZAR 743.9m | −ZAR 1.00bn | −ZAR 1.54bn | −ZAR 1.01bn | −ZAR 687.1m | −ZAR 518.3m | −ZAR 592.4m | −ZAR 534.1m | −ZAR 856.4m | −ZAR 836.5m |
| Free cash flow | ZAR 140.0m | ZAR 789.5m | ZAR 257.9m | −ZAR 260.7m | ZAR 176.3m | ZAR 1.29bn | ZAR 338.6m | ZAR 390.7m | ZAR 75.1m | ZAR 13.5m |
| Dividends paid | −ZAR 155.4m | −ZAR 155.2m | −ZAR 176.0m | −ZAR 131.4m | −ZAR 131.4m | −ZAR 72.1m | −ZAR 125.2m | −ZAR 46.7m | −ZAR 46.5m | −ZAR 76.5m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 5.96bn | ZAR 7.58bn | ZAR 6.37bn | ZAR 7.12bn | ZAR 6.17bn | ZAR 6.58bn | ZAR 6.24bn | ZAR 6.63bn |
| Gross profit | ZAR 2.56bn | ZAR 3.07bn | ZAR 2.92bn | ZAR 2.87bn | ZAR 2.96bn | ZAR 2.81bn | ZAR 2.68bn | ZAR 2.88bn |
| Operating income | ZAR 293.1m | ZAR 616.8m | ZAR 323.5m | ZAR 481.2m | ZAR 434.2m | ZAR 623.4m | ZAR 494.9m | ZAR 740.2m |
| Net income | −ZAR 164.3m | ZAR 346.5m | ZAR 138.9m | ZAR 288.9m | ZAR 215.5m | ZAR 402.3m | ZAR 312.8m | ZAR 497.5m |
| Diluted earnings per share | -1.12 | 2.34 | 0.94 | 1.95 | 1.46 | 2.71 | 2.11 | 3.33 |
| Cash from operations | ZAR 266.0m | ZAR 929.0m | −ZAR 46.0m | ZAR 1.20bn | ZAR 254.0m | ZAR 815.0m | ZAR 684.0m | ZAR 261.0m |
| Capital spending | −ZAR 289.0m | −ZAR 344.0m | −ZAR 399.0m | −ZAR 513.0m | −ZAR 490.0m | −ZAR 693.0m | −ZAR 842.0m | −ZAR 411.0m |
| Free cash flow | −ZAR 23.0m | ZAR 585.0m | −ZAR 445.0m | ZAR 683.0m | −ZAR 236.0m | ZAR 122.0m | −ZAR 158.0m | −ZAR 150.0m |
| Total assets | ZAR 12.42bn | ZAR 12.50bn | ZAR 12.31bn | ZAR 12.00bn | ZAR 12.18bn | ZAR 11.63bn | ZAR 10.93bn | ZAR 10.26bn |
| Cash and short-term investments | ZAR 803.1m | ZAR 892.0m | ZAR 707.6m | ZAR 975.5m | ZAR 543.9m | ZAR 881.5m | ZAR 572.0m | ZAR 612.1m |
| Debt | ZAR 3.26bn | ZAR 3.21bn | ZAR 3.48bn | ZAR 3.14bn | ZAR 3.53bn | ZAR 3.37bn | ZAR 3.07bn | ZAR 2.79bn |
| Shareholders' equity | ZAR 5.43bn | ZAR 5.64bn | ZAR 5.36bn | ZAR 5.35bn | ZAR 5.10bn | ZAR 5.03bn | ZAR 4.67bn | ZAR 4.48bn |
Financial ratios
Data as of 23 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 40.8% | 45.8% | 46.9% | 46.2% | 44.6% | 44.4% | — | — |
| Operating margin | 6.7% | 7.1% | 8.9% | 9.7% | 8.1% | 5.7% | — | — |
| Net margin | 3.5% | 3.8% | 5.6% | 5.9% | 4.5% | 3.1% | — | — |
| Return on equity | 8.6% | 9.4% | 14.2% | 16.2% | 13.3% | 8.8% | — | — |
| Return on assets | 3.9% | 4.2% | 6.1% | 7.1% | 6.0% | 4.0% | — | — |
| Free cash flow yield | 0.6% | 1.1% | 1.3% | 0.7% | 0.6% | 0.8% | — | — |
| Revenue growth | 5.0% | 3.6% | 3.6% | 7.1% | 12.6% | -7.4% | — | — |
| Earnings growth | -3.8% | -29.5% | -1.7% | 39.9% | 62.8% | -144.2% | — | — |
| Current ratio | 2.42x | 2.28x | 2.54x | 2.52x | 1.98x | 2.06x | — | — |
| Debt to equity | 0.57x | 0.59x | 0.67x | 0.62x | 0.50x | 0.48x | — | — |
| Equity ratio | 45.2% | 44.5% | 43.2% | 43.7% | 44.8% | 45.2% | — | — |
| Interest coverage | 3.62x | 2.98x | 3.88x | 6.35x | 6.35x | 3.27x | — | — |
| R&D as a share of sales | — | — | — | — | 0.3% | 0.3% | 0.3% | 0.3% |
| Buybacks as a share of market value | -0.0% | 0.2% | 0.7% | 0.7% | 11.4% | 0.7% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.1% | 6.3% | 3.9% |
| Operating income | -6.9% | 10.2% | 0.3% |
| Net income | -12.6% | 8.7% | -2.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 43.2% | 44.8% | 44.7% | 42.5% |
| Operating margin | 6.7% | 8.4% | 7.9% | 6.4% |
| Net margin | 3.6% | 4.6% | 4.4% | 3.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 6.9 | 8.7 | 6.2 | 6.0 | 10.1 | 7.4 | -3.5 | 11.4 | 15.1 | 12.1 |
| Price to sales | 0.2 | 0.3 | 0.3 | 0.3 | 0.5 | 0.2 | 0.2 | 0.3 | 0.4 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 8 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.30 | 1.05 | 1.05 | 1.20 | 0.90 | 0.42 | 0.73 | 0.55 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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